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| Section | Objectives |
|---|---|
| Topic 1: Financial Crimes | - Money Laundering
|
| Topic 2: Fraud Schemes | - Fraudulent Disbursements
|
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NEW QUESTION # 189
Shirley, a 68-year-old widow, connects with a stranger named Simon on a social networking site. Simon befriends her and says he looks forward to meeting her on the trip they have been planning. However, Simon tells Shirley that he recently lost his job and does not have the resources to pay for the trip. Shirley sends him
$10,000 as a loan and never hears from Simon again. Shirley has MOST LIKELY been victimized by which of the following schemes?
Answer: D
Explanation:
Shirley has most likely been victimized by a romance scheme. In romance, sweetheart, or friendship scams, the fraudster builds an emotional relationship with the victim, often through social networking or online communication, and then requests money under a sympathetic pretext. Simon befriends Shirley, creates expectations of a future meeting, claims financial hardship, receives $10,000, and then disappears. That pattern is typical of a romance scam. A grandparent scheme usually involves impersonating a grandchild or relative in distress. A bait-and-switch scheme involves advertising one product or service and substituting another. A vacation scheme would focus on fraudulent travel offers, not a fabricated romantic relationship used to obtain money. The ACFE material identifies romance and friendship sc hemes as consumer fraud schemes.
NEW QUESTION # 190
Tammy made one cash deposit each day over the span of a few weeks at automated teller machines owned by her bank. The cash deposits ranged from $9,000 to $9,900. Tammy lives in a jurisdiction that requires all deposits of $10,000 or more to be reported to the government. Based on these facts, Tammy is MOST LIKELY committing a(n):
Answer: A
Explanation:
Tammy is most likely committing a structuring scheme. Structuring occurs when a person deliberately breaks transactions into smaller amounts to avoid mandatory reporting thresholds. Here, Tammy repeatedly deposits cash in amounts between $9,000 and $9,900, just below the $10,000 reporting requirement. That pattern strongly indicates an attempt to avoid currency transaction reporting. A reverse deposit scheme and remote deposit capture scheme do not describe the deliberate splitting of cash deposits to evade reporting. Integration is a later stage of money laundering in which illicit funds are reintroduced into the economy as apparently legitimate funds, but Tammy's activity is focused on avoiding detection during placement. The ACFE material identifies repeated deposits just under the reporting threshold as a classic red flag of smurfing or structuring.
NEW QUESTION # 191
The _______________ cost method of pricing would carry an asset's value on the financial statements as what it would currently cost, considering inflation.
Answer:
Explanation:
Price-level adjusted historical cost
* Rationale for Correct Answer: The price-level adjusted historical cost method adjusts the original purchase price of an asset for inflation, providing a more current value while still tied to historical cost principles. It addresses one of the limitations of strict historical cost accounting.
* Key Concept: Inflation adjustments in asset valuation.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Alternative Valuation Methods .
NEW QUESTION # 192
Which of the following statements regarding a nonconforming goods or services procurement fraud scheme is MOST ACCURATE?
Answer: D
Explanation:
The correct answer is C. A nonconforming goods or services scheme occurs when a contractor delivers goods or services that do not meet contract specifications while representing them as compliant. Using refurbished materials when the contract requires new materials is a classic example because the contractor provides inferior or substituted materials but seeks payment as if the required materials were supplied. Option A describes change order abuse, where a low bid is later increased through contract modifications. Option B describes cost mischarging because the contractor bills for costs not incurred or improperly allocated. Option D describes a need recognition or collusive procurement scheme involving unnecessary goods or services.
The key professional distinction is whether the deliverable itself fails to conform to contract requirements.
NEW QUESTION # 193
Asset misappropriation schemes were the "middle children" of the study; they were more common than fraudulent statements and more costly than corruption.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is False . According to ACFE studies, asset misappropriation is the most common but least costly category of occupational fraud. Fraudulent statements are the least common but most costly, while corruption falls in the middle in both frequency and cost.
* Key Concept: Fraud Tree Statistics - frequency and cost comparison of asset misappropriation, corruption, and financial statement fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Tree - Comparative Analysis of Fraud Categories .
NEW QUESTION # 194
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